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I noticed this question was posted a long time ago and perhaps things have changed so I took the liberty to dig in again and also aggregate most of the answers given here and here’s what I found:
It’s indeed impossible to buy Bitcoins with Paypal DIRECTLY even today and it's mainly because of Paypal’s TOS (Section 3.7 here) and the issues of chargeback.
...

I did some more digging on bitcoin.it and answered my own question. According to the FAQ and the list of payment methods, the reason that Paypal and Credit Cards are not accepted is to prevent fraud (by doing a fraudulent charge-back). For this reason, none of the exchanges accept these as forms of payment.
In short, you cannot (directly) use these to buy ...

PayPal's user agreement prohibits the use of their payment network for buying digital currency.
Here's an approach. With VirWoX you can buy SLL and pay with either credit card or Paypal. Then you can trade your SLL for BTC:
http://www.VirWoX.com
Sporadically you will find inventory on BTCQuick:
https://btcquick.com
And finally, there is the ability to ...

I can't speak for why Google Checkout seems to have no problem, it may simply be that they are unaware of Bitcoin as of yet. Edit: A Google Checkout employee has replied that they explicitly allow virtual currencies - at least for the time being. PayPal, on the other hand explicitly bans "the sale of traveler’s checks or money orders, currency exchanges or ...

First of all, it is likely a violation of PayPal's Acceptable Use Policy as of Oct 2011:
3(h) involve currency exchanges or check cashing businesses
Given this, it's unlikely that PayPal would be amenable to helping at best, and may close your account (and freeze the funds it had for six months) at worst.
Another chief problem is the high likelihood of ...

We don't have any official word from PayPal about why they prohibit these kinds of transactions. The usual conspiracy theory is that these types of commodities could ultimately compete with PayPal so PayPal wants to hold them back. This really doesn't make all that much sense -- PayPal is not going to decide whether Bitcoin succeeds or fails.
The likely ...

Buying bitcoins for credit card or PayPal is very problematic, but all hope is not yet lost.
Every now and then a new service pops up that thinks it cracked the secret of how to do this sustainably - http://www.mrcoins.org/ seems to be the flavor of the month. Such services usually take a very high fee.
CoinPal was a great service when it ran, and they ...

Paypal does not allow their service to be used as a currency exchange. They classified Bitcoin as such, so people are forbidden to trade bitcoins using PayPal (see this post about CoinPal)
Google Checkout either considers that bitcoins are Virtual Goods or simply hasn't made any decision yet. These users selling bitcoins with Google Checkout started their ...

The factors that matter for any cash-out decision are:
Where are you located (country)?
How much are you looking to trade?
What type of cash are you looking to receive?
How soon do you need access to the proceeds?
Is privacy important?
Specifically for cash-out to PayPal, options include:
http://snapswap.us/#/paypal (You'ld need to do BTC -> XRP first ...

Bitocin and Litecoin have the same problems when trying to buy them with funding methods that allow chargeback.This is mainly because of Paypal’s TOS (Section 3.7 here) and the fact that your can't chargeback Liteocin since it is considered as cash.
Having said that there are still a few ways you can buy Litecoin with Paypal or a credit card.
Use VirWox to ...

That is not possible. By the decentralized design of Bitcoin, nobody has the ability to "cancel" the coins in an address held by someone else.
I'm sorry you were hacked, but it is almost certainly impossible to recover, block, or trace the funds at this point.

LocalBitcoins.com has person-to-person PayPal trading:
http://localbitcoins.com/buy-bitcoins-online/paypal
https://localbitcoins.com/sell-bitcoins-online/paypal/
There are also discussion forums where people frequently discuss about PayPal, avoiding fraud there, etc. Here is an example:
https://localbitcoins.com/forums/#!/trading#getting-paypal-...

As PayPal is not a bank and reserves the right to freeze your account for whatever reason they deem fits them, you should never use PayPal, unless you can afford to lose your money, or are prepared to take them to court and win, should they steal your funds.
While this is not specific to BitCoin per so, it is probably likelier to happen with edge cases that ...

The best way to do it is in person, with cash. Most other methods are traceable. Provided you don't live in the middle of nowhere, it's pretty easy to find at least someone nearby who's willing to buy, and if you're serious about anonymity that extra travel distance is probably a minor issue.

I assume you are asking about how to convert your BTC into GBP.
For small quantity, you can do a direct sales at one of the many bitcoin community forum, such as bitcointalk.org (particularly, the Currency Exchange sub-forum). There is currently an active thread on the forum, where someone is buying large quantity of bitcoin and payment via cash deposit ...

You cannot turn paypal into bitcoin but you can do it the other way around.
Check out this site:
https://www.bitinstant.com/
They accept cash deposits (US only) and are also supposed to speed up the different transfers they allow. For example, from dwolla, paxum or liberty reserve to mtgox or tradehill. I haven't tried it myself though.

[Update: This exchange method is no longer available.]
a website with the url of http://www.iocoloradocentral.com/ has converted my paypal funds to bitcoins for quite a while now, i have always received the bitcoins :).

In the euro zone MtGox is not cheaper for small payments like $100. Depositing and withdrawing euros both include a fee of ~1.20 euro (10 PLN) + 0.60% for the transfer.
I don't know what deposit/withdrawal fees are for US dollars, neither if there are exchanges that do not require this fee. I know Intersango does as well.

Cash. It competes with cash.
All of these things (prepaid accounts, debit cards, bank accounts, money transmitters, etc.) are sophistications built on top of cash in order to facilitate the transfer of cash from one entity to another. It's not easy to carry cash, nor is it safe to keep all of your cash in one place. It's not feasible to give cash to someone ...

Some people are selling bitcoins and receiving PayPal payment on LocalBitcoins.com:
https://localbitcoins.com/sell-bitcoins-online/paypal/
LocalBitcoins is in-person exchange. The problems with PayPal tend to hit the bitcoin seller; because PayPal transfers are reversible and bitcoin transactions are irreversible you must trust the party to whom you are ...

Short answer: No.
Long answer: PayPal does not allow Bitcoin exchange accounts. Bitcoin exchanges pop up like mushrooms these days so a new one might fly under PayPal's radar and get an account going for a while. But it will eventually get shut down.
So trustworthy exchanges won't try to use PayPal, as they know their accounts will be seized. And you ...

Unlike PayPal payments, Bitcoin payments are not reversible. PayPal payments are reversible up to 60 days.
Accepting PayPal payments to pay for bitcoins exposes your service to a stolen credit card fraud and PayPal friendly fraud
The fraudulent buyer makes the payment in PayPal, then the payment is disputed few days after the buyer received the bitcoins. ...

Addresses are intended to be used once, and there are problems with reuse, but it is usually safe to just use the same one repeatedly for donations if you don't have a way to update it easily. However, Bitcoin is still a new technology, so this may change in the future (making reuse stop working) - read the release notes of new versions before you upgrade to ...